Long Island CIty, NY, June 25, 2019 (GLOBE NEWSWIRE) -- Cemtrex (Nasdaq: CETX, CETXP, CETXW) announced today that is has completed the development of a major augmented reality application for the King Abdulaziz Center for National Dialogue (KACND) in Saudi Arabia. The application gives visitors an innovative and interactive experience when visiting the Center, allowing them to unveil secrets while interacting with various rooms around the venue and the community around them.
The app has many features, including:
- Users can interact with specific locations in the Pledge Room to unveil hidden animations and inspirational quotes from famous figures.
- Users can write virtual "graffiti" that is shared live with other visitors using the app.
- Users can blow into their devices to unveil inspirational and uplifting quotes.
- Users can also use custom photo filters to promote engagement with the Center and social sharing.
Augmented reality applications for mobile devices is a rapidly growing industry. In 2017, Pokémon Go, an AR gaming application, garnered over 100 million downloads and earned $268 million in revenue. Businesses like Ikea, Target, Facebook and Instagram are already currently implementing AR into their applications to provide better, more seamless customer experiences.
A demo of the app can be seen on here: https://youtu.be/qnmX1yQR-QU
"This application exemplifies the creativity and technical excellence of our VR/AR team," said Saagar Govil, CEO and Chairman of Cemtrex. "The market for applications like this is only growing, and our team is already ahead of the curve. We are thrilled to see such an impactful and inspirational application available to the visitors of KACND. We are also seeing increased demand in services to build AR applications as different companies experiment with new ideas to utilize augmented reality in their business."
Augmented and Virtual Reality are among of the fastest growing business areas, which are expected to reach over $500 billion by 2025. The industries that will generate VR and AR opportunities include: industrial design, medical diagnostics, entertainment, sports, training simulations, productivity tools, social experiences, manufacturing optimization, app development, tourism, & advertising. All industries whether retail, education, social media, healthcare or manufacturing, will experience widespread disruption and innovation in their products and services by utilizing VR & AR solutions to increase their profitability in the coming decade.
For more information about the company's augmented reality development services please visit www.cemtrexlabs.com.
Cemtrex, Inc. ( CETX ) is the manufacturer of the SmartDesk, the world's most advanced workstation. Cemtrex is a diversified technology company that's driving innovation in a wide range of sectors, including smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our new product offerings or any proposed fundraising activities. These forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to: operational losses and negative cash flows; any need for additional financing; market acceptance of our products; our ability to manufacture and develop effective products and solutions; indebtedness to our lenders; current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our product offerings or to develop other new products and services; our ability to generate sales and profits from current product offerings; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; and, other factors discussed under the heading "Risk Factors" contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
For further information, please contact:
Source: Cemtrex Inc.